Jin Rong Jie·2026-01-22 03:09Core Viewpoint - Lijun Group's research indicates significant advancements in its biopharmaceutical platform, focusing on autoimmune, reproductive, and vaccine sectors, with key products nearing approval and promising clinical results [1][4][5] Group 1: Autoimmune Sector - Lijun Biopharmaceutical's core product, Lakanqita monoclonal antibody, shows a PASI100 response rate of 49.5% in severe psoriasis, outperforming the control group at 40.2%, and is expected to receive approval by the end of this year [1][6][7] - The company has completed Phase III clinical trials for ankylosing spondylitis, with approval anticipated next year, and significant sales growth for another product, tocilizumab, is expected in 2025 [1][4] Group 2: Reproductive Sector - The recombinant human follicle-stimulating hormone injection is expected to be approved within this year, reinforcing the company's leading position in the assisted reproductive field [1][4] Group 3: Vaccine Sector - The quadrivalent influenza recombinant protein vaccine, the first of its kind with an adjuvant, has completed Phase I safety trials and is expected to enter Phase II clinical trials in March [5] Group 4: Overseas Expansion Strategy - The company adopts a "dual-track" strategy for international expansion, focusing on licensing its innovative pipeline to mature markets and exporting formulations to emerging markets [2][9] - In Southeast Asia, the company is building a localized platform through the acquisition of IMP in Vietnam, while in South America, it is prioritizing registration and channel development in Brazil [9] Group 5: Cardiovascular Pipeline - H001, an oral direct thrombin inhibitor, is the fastest progressing project in its category in China, showing comparable efficacy to enoxaparin with a lower bleeding risk, and is preparing for Phase III trials [3][10] Group 6: GnRH Pipeline - The GnRH pipeline covers all indications and various formulations, with key products like the three-month formulation of leuprolide expected to be approved this year [11][12] Group 7: Chemical Preparation Sector - The chemical preparation sector generated 47.2 billion yuan in revenue from January to September 2025, accounting for 51.8% of the company's total revenue, serving as a core revenue support [13][14] - Future growth will be driven by product upgrades, innovative product launches, and deepening market penetration in core therapeutic areas [14][15][16]